Financial Crime World

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Dominican Republic Takes a Tough Stand on Financial Crime Investigation Procedures

The Dominican Republic has made significant strides in combating financial crime by establishing the Financial Intelligence Unit (FIU), a national agency tasked with receiving, requesting, analyzing, investigating and disseminating information related to suspected proceeds of crime, suspicious transactions or activities, cash transportation reports and other relevant data.

Background

According to Section 12 of the Money Laundering Prevention Act No. 20 of 2000, which was later replaced by the Money Laundering Prevention Act No. 8 of 2011, the FIU is responsible for identifying and tracking down financial crimes. Its powers and functions are outlined in Section 4 of the Financial Intelligence Unit Act No. 7 of 2011.

Investigative Powers

Notably, the FIU has also been granted investigative powers under Section 20 of the Suppression of the Financing of Terrorism Act No. 3 of 2003, enabling it to tackle terrorism-related financial crimes.

History and Evolution

With a history dating back to July 23, 2001, when it was initially set up as a unit within the Ministry of Finance, the FIU has undergone several transformations, including its transfer to the Ministry of Justice, Immigration and National Security in January 2015.

International Cooperation

The FIU’s commitment to international cooperation is evident through its membership with the Egmont Group, which serves as the global standard-setting body for financial intelligence units. The Unit attained this membership in July 2003 and has since maintained a high level of operational standards.

Key Points

  • The FIU is responsible for identifying and tracking down financial crimes
  • It has investigative powers to tackle terrorism-related financial crimes
  • The FIU has undergone several transformations, including its transfer to the Ministry of Justice, Immigration and National Security in January 2015
  • It is a member of the Egmont Group, which sets global standards for financial intelligence units